The Palatka daily news. (Palatka, Fla.) 1884-1888, 1887-03-11
A BREAK COTTON OIL STOCK.
An Opposition which the street Believes
Exists Only On Paper.
T,tassfay.s NaW Work Herald

Exists Only ON Paper
Tuesdays New York Herald.
There was excitement in Wall street |
yesterday caused by a new ''break" in
the price of American Oil Trust stock.
The drop from $50 per share to $3.50.
caused one week ago by Mr.. +. ID.
Armours threat to organize a rival cor
pOratiOn, was followed by a gradual re-
covery which brought the price on Satur-
day to *53. This figure was reached on
the alleged statement of Mr. Armour
that he had made favorable terms with
the Trust and had withdrawn from the
rival project.
The stock opened 81 lower yesterday
morning, at $50, ON the published state
ment that the new company had been
chartered in Camden, ". j., with a CAPT
tai of d. 900 900 and under the name of
the Southern Cotton Oil Company. With
the object of depressing the general stock
market, the bears, encouraged by the
I ,,s,1a-, last years break" began to
hann,..r tn. wHRd il went down
with a rush to IN. ri
An alleged Atatement from Mr. Ar
mour that he had not withdrawn from
/ the opposition scheme helped the decline.
| At the price named, however. several
well-known traders and stock commits
sion houses-among them X. p. Flower
& Co.-entered the lists as buyers, and
/
Late in the day the stock Tsa acted 81 ON
the receipt of dispatches in tine street
announcing that the new company had
filed articles of incorporation at Trenton.
The names of the incorporators did not
reach Wall street until after the market
closed MIR. Arnour's Is not among
them.
The incorporators are:-Henry G.
Butcher and William 5. Harvey. Phila-
delphia; Frederick Oliver and Daniel A.
Tompkin. Charlotte, " C.; Alvin C.;
Narland. Camden. n. j. The principal
Office is to be at Camden. The officers
are:-President. Henry G.. Butcher;
manager, Frederick Oliver; secretary
and treasurer, John Oliver, and en-
gineer, Daniel A. Tompkins- According
to the depatches received here, the
capital stock is 5000. 900 of which
"a 1000 900 is paid in by the incorpOrators
as follows:-Henry e. Butcher. 81 600,
900: William S. Harvey. 100000: John
Oliver *1,OOO.O0O; Frederick Oliver.
600 900; David A Tompkins, $780,
and Alvin C.. Newland. 500, 900.
Old traders express the opinion that
the scheme will do more in Wall street
than i'm the South, and it was limited that
| the whole project by an opposition was
"a regular Standard Oil trick" Ii was
recalled that when the insiders of the
Standard wanted to buy up the amount
of their own stock then in the hands of
of the public, they advised outsiders not
to touch it even after il broke to $50.
After the insiders absorbed the stock il
; sold up to 500. 1t is predicted that Mr..
Armour will either make a contract at
, low rates with the Trust for all the oil
used in his packing business, as will ap-
pear later ON, as the poss. ssor of large
, amount of the certificates shaken out
| of g,Iileless and financially feeble stock
, holders. As indicating the character of
the new company it was stated IN Wall
street yesterday that the Oliver brothers.
who are set down respectfully as mana
: ger and treasurer, and as subscribing re-
, spectfully 81 600 90 and $500 900. were
recently in the service Of the American
Trust. each managing a mill ON a salary
, of about - 600.